18th Dec 2006 15:03
British Land Co PLC18 December 2006 The British Land Company PLC Announces Pricing for the Consent Solicitation NOTICE to the respective holders of the outstanding debentures issued by The BritishLand Company PLC (the "Company") £200,000,000 9 3/8 per cent. First Mortgage Debenture Stock due 2028 (TheExisting 2028 Debentures) (of which £25,387,615 is outstanding) £250,000,000 8 7/8 per cent. First Mortgage Debenture Bonds due 2035 (TheExisting 2035 Debentures) (of which £41,702,500 is outstanding) (together the "Existing Debentures") This announcement is made in connection with the Consent Solicitation asdefined in the Consent Solicitation Document dated 24 November 2006 (the"Consent Solicitation Document"). The Company hereby announce that pricing tookplace today at around 12.00pm in accordance with the terms of the ConsentSolicitation and accordingly the Solicitation Agent has calculated thepricing details as follows: Existing Debentures Pricing 1. EXISTING 2028 DEBENTURES (a) Existing Debenture Benchmark Gilt: 6.00 per cent. U.K. Treasury Gilt due December 2028(b) Mid-Market Benchmark Security Rate = 4.375%(c) Existing Debenture Spread: 0.85%(d) Redemption Yield = 5.225%(e) Existing Debenture Price = £ 1,549.92 per £1,000 Nominal Amount(f) Exchange Ratio: 1.0000x(g) Additional Cash Settlement Amount: £565.49 per £1,000 Nominal Amount(h) Accrued Interest (1) (included in Existing Debenture Price) = £20.86 per £1,000 Nominal Amount 2. EXISTING 2035 DEBENTURES (a) Existing Debenture Benchmark Gilt: 4.25 per cent. U.K. Treasury Gilt due March 2036(b) Mid-Market Benchmark Security Rate = 4.176%(c) Existing Debenture Spread: 0.90%(d) Redemption Yield = 5.076%(e) Existing Debenture Price = £1,592.46 per £1,000 Nominal Amount(f) Exchange Ratio: 1.0000x(g) Additional Cash Settlement Amount: £608.03 per £1,000 Nominal Amount(h) Accrued Interest 1 (included in Existing Debenture Price) = £21.20 per £1,000 Nominal Amount 1. Amortizing 2035 Debenture Pricing (a) Amortising 2035 Debenture Benchmark Gilt: 4.25 per cent. UK Treasury Gilt due June 2032(b) Amortising 2035 Debenture Coupon = 5.0055%(c) Mid-Market Benchmark Security Rate = 4.251%(d) Amortising 2035 Debenture Spread = 0.8795%(e) Yield to Maturity =5.1305%(f) Amortising 2035 Debenture Issue Price = £984.43 per £1,000 Nominal Amount(g) Maturity: 24 September 2035(h) Total size: £110,000,000 Notes on pricing: 1 Shown rounded to nearest £0.01 per £1,000. Confirmation and Announcement of Redemption Each of the Extraordinary Resolutions was duly passed by the requisite majorityof holders of the relevant Existing Debentures at the meetings of holders of theExisting Debentures held on Monday, 18 December 2006. The conditions of theConsent Solicitation requiring the passing of such resolutions have beensatisfied. The Company gave notice today, of the redemption on Wednesday 20th December 2006 of all of the outstanding Existing Debentures and of the implementation of the Proposals, all in accordance with and subject to the Proposals and the respective conditions of the Existing Debentures (as modified pursuant to the relevant Extraordinary Resolutions). Capitalised terms used in this Notice but not otherwise defined have the samemeanings as given to them in or pursuant to the Consent Solicitation Document. This Notice is given by The British Land Company PLC. Enquiries: The British Land Company PLCGraham Roberts, Finance Director Tel: +44 20 7467 2948Peter Clarke, Executive Officer Tel: +44 20 7467 2886 The Royal Bank of ScotlandAndrew Burton, Head of Liability Management Tel: +44 20 7085 8056Robert St. John, Managing Director Tel: +44 20 7085 3205Gianmarco Deiana Tel: +44 20 7085 3781 UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN OFFER TO SELL OR THESOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR SECURITIES. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land